This article is from the Australian Property Journal archive
A GLEN Iris residential development site in Melbourne’s south-east has sold for $5 million to a local developer following strong interest from overseas investors.
Gross Waddell’s Jonathon McCormack and Alex Ham handled the sale of the 225 Burke Rd Glen Iris.
The sale price represents a land rate of $3,867. Featuring an expansive landholding of 1,293 sqm, the property offers a strategic general residential zone 1 land and significant development opportunity.
McCormack said the expression of interest campaign received strong interest from both local and overseas developers with a number of offers being received.
“We are finding that a number of larger developers who traditionally targeted the CBD are now also focusing in on the prestigious Melbourne suburbs, resulting in more competition for this asset class and land prices increasing dramatically. 225 Burke Road is the perfect example of this,” Ham said.
“We are seeing a growing demand from both local and overseas developers wishing to source development land, within Melbourne’s prestigious suburbs. The demand appears to be generated from the owner occupier market wishing to purchase high end apartments within well located areas,” McCormack said. “The property was eventually purchased by a local developer who is planning to develop high end apartments on the site,”
Australian Property Journal
